Willie Levon Vales of Conshohocken Pennsylvania a stockbroker formerly registered with Santander Securities LLC is the subject of a customer initiated investment related arbitration claim where the customer requested $285,000.00 in damages founded on accusations of the (1) violation of Pennsylvania Unfair Trade Practices and Consumer Protection Law (2) breach of fiduciary duties and contractual obligations (3) misleading and deceptive securities practices (4) mismanagement of the customer’s account (5) unsuitable non-traditional exchange traded fund and mutual fund investment transactions and (6) fraudulent activities causing the customer’s losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-00747 (Feb. 27, 2018).
This is the third customer-initiated investment related dispute since Vales was discharged by Santander Securities on November 4, 2016, based upon allegations that Vales engaged in private securities transactions, utilized unauthorized correspondence channels to conduct securities business with customers, and lied to Santander Securities about his activities.
Particularly, a customer initiated investment related arbitration claim concerning Vales’ activities was resolved for $125,000.00 in damages supported by accusations that the customer’s account was handled in a negligent manner; fiduciary duties owed to the customer were violated; exchange traded fund transactions effected in the customer’s account were not suitable for the customer; contractual obligations to the customer had been breached; and Vales sold away, violating FINRA Rule 3280. FINRA Arbitration No. 16-03741 (Dec. 22, 2017).
Also, a customer filed an investment related arbitration claim involving Vales’ conduct in which the customer sought unspecified damages founded on allegations including Santander Securities’ negligent hiring of Vales and failure to supervise Vales’ exchange traded product transactions in the customer’s account; the firm and Vales’ violation of securities laws, breach of contract, breach of fiduciary duty; omissions and misrepresentations concerning investment related information, and over-concentration of the customer’s investments in inappropriate exchange traded products. FINRA Arbitration No. 17-00471 (Feb. 27, 2017).
